Spring Real Estate Market in Boston

Warmer weather will soon be on the way and spring is just around the corner. Spring is well-known as one of the busiest times in the Boston, MA real estate market. If you are you planning to buy a home in Boston, MA this spring, you are not alone. Over the next month or two, the Boston home inventory will soar and you'll have a whole new crop of homes to consider. If you’re a first-time homebuyer or if it’s been a while since you’ve gone through the home buying process, it’s important to know that there are a few items you should start thinking about right away. Here are three tips to ensure you are ready to jump into the spring Boston real estate market.

Get pre-approved for a mortgage. In a competitive real estate market, home sellers favor buyers who have been pre-approved for a mortgage. Though the terms are commonly used interchangeably, pre-approval differs from pre-qualification in that pre-approval includes having your financial information run through the underwriting process. This will give you a pretty accurate picture of how much you can expect to borrow from your lender and therefore how much home you can afford.

Be prepared with a down payment. It’s generally recommended to put 20 percent down when you buy a home. However, this amount can vary depending on the type of mortgage you’ll be applying for. For those seeking a traditional mortgage, it’s important to note that you’ll have to pay for private mortgage insurance (PMI) if you don’t come up with a 20 percent down payment.

Choose the right Realtor. Unless you’re a seasoned pro, having a Realtor on your side can make a big difference. Making an offer on a house in a competitive market can require more than just a willingness to pay the price. If a seller must choose between multiple buyers, they’re likely to choose the one that’s coming to them with the best overall package. A good Boston real estate agent will present your offer along with other information, including your ability to get a loan, your down payment, and anything else that might make you more appealing than someone else vying for the same property.

Buying a home in Boston, MA is one of the most exciting milestones you’ll reach during your lifetime. Before you start scouring the Internet in search of your new pad, be sure to keep in mind the three important items above. And when you are ready please contact a Boston, MA real estate agent. I hope to speak with you soon!

Lucas Garofalo

Keller Williams Realty

(617) 861-3631

Lucas@LucasBostonHomes.com

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Buy Your Boston Dream Home This Winter

The real estate market comes and goes each year and every expert has an opinion. Should you buy now, or wait until Spring? Winter typically isn’t the busiest time for Boston Real Estate but don’t let that keep you from buying now.  Even though mortgage rates are set to go up soon, you still haven’t missed your chance on a deal of a house. Here are some reasons to consider buying now instead of waiting. 

Prices will continue to rise. Home prices have appreciated by 3.5% per CoreLogic comparing September 2018 to September 2019. The same report predicts that prices will continue to increase at a rate of 5.6% or more next year.

Mortgage Interest Rates will increase. Most experts are predicting that rates will rise over the next 12 months. The longer you wait, the higher the rates.

Pay your mortgage, or your landlords? Either way you are paying a mortgage, you might as well be benefiting from that mortgage payment by building equity.

The bottom line: Contrary to popular belief, Winter is a great time to buy a Boston home. If you are searching for the perfect Boston home, let a local expert help you out. Buying a home is an exciting and complex adventure. I take pride in being a local expert and would love to show you around our fine city. Contact a Boston, MA real estate agent to get the buying process underway!

Lucas Garofalo

Keller Williams Realty

(617) 861-3631

Lucas@LucasBostonHomes.com

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Home Buyer Confidence is Up in Boston!

Good news if you are thinking of selling your Boston home this fall! Recently released data from Fannie Mae’s National Housing Survey shows that the Home Purchase Sentiment Index (HPSI) has increased 2.2 points in July to 93.7, a new survey high! Five of the six HPSI components increased month over month with an 8-percentage point increase in the net “Confidence About Not Losing Job” component, which drove the index higher.

As home prices have increased and buyer confidence goes up, more and more Boston homeowners have realized that now is a good time to sell their homes in order to take advantage of the extra equity they now have. 

Doug Duncan, Vice President & Chief Economist at Fannie Mae, had this to say about the recent survey:

“Consumer job confidence and favorable mortgage rate expectations lifted the HPSI to a new survey high in July, despite ongoing housing supply and affordability challenges. Consumers appear to have shaken off a winter slump in sentiment amid strong income gains. Therefore, sentiment is positioned to take advantage of any supply that comes to market, particularly in the affordable category. However, recent financial market events following when the survey data were collected could weigh on consumer views looking ahead.”

Boston home buyer demand continues to outpace the supply of homes for sale, which has driven prices up across the country as well. All of this boils down to if you are considering listing your Boston home for sale this year, now is the time! Selling a home is an exciting and complex adventure. Contact a Boston, MA real estate agent to get the selling process underway!

Lucas Garofalo

Keller Williams Realty

(617) 861-3631

Lucas@LucasBostonHomes.com

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